With 59% of sales from outside the U.S., P&G is especially vulnerable to exchange rate changes and the post-election rise in the dollar will compress its sales growth. Since the election a series of currencies have fallen, some of which were already trading low against the dollar. Following the election, Mexico’s peso is down 9 percent, Brazil’s real and Japan’s yen are off 5 percent, the euro is down 4 percent and China’s yuan and Russia’s ruble are both lower by nearly 2 percent. Management expects total sales in the fiscal year ending June 30, 2017 to fall about 1 percent but this period includes sales unaffected by the recent changes in currency values, raising questions about upcoming performance. In an added complication, P&G has become the focus of a sharp rise in stock ownership by hedge funds that is now at a six-year high. Funds might see a devalued stock or possibly a chance to release value through shareholder activism. [ Image credit (C) Gage Skidmore ]